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Egypt to auction 10 or 11 oil and gas concessions in Mediterranean-minister

Tuesday 17/April/2018 - 02:09 PM
Sada El Balad
Edited By: Nada Moustafa
Egypt will auction 10 or 11 oil and gas exploration blocks in the Mediterranean، petroleum minister Tarek al Mulla said on Tuesday، Reuters reported.

Egypt also aims to auction oil and gas drilling in the Red Sea by the end of 2018، Molla told a news conference.

Moreover، al-Mulla announced that Egypt will sign an agreement with European Union (EU) next week، in gas، oil، and electricity fields.

al-Mulla added that this agreement comes within the framework of Egypt’s efforts to become a major regional hub for energy.

Egypt plans to speed up production from recently discovered fields، with an eye to halting imports by 2019 and achieving self-sufficiency.

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